Segment Information

6 Months Ended

Nov. 30, 2025

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company categorizes its businesses into four reportable segments: Children’s Book Publishing and Distribution, Education Solutions, Entertainment and International.

•Children’s Book Publishing and Distribution operates as an integrated business which includes the publication and distribution of children’s books, ebooks, media and interactive products in the United States through its school reading events business, which includes the book clubs and book fairs channels and through the trade channel. This segment is comprised of two operating segments.

•Education Solutions includes the publication and distribution to schools and libraries of children’s books, classroom magazines, print and digital supplemental and core classroom materials and programs, including related support services, and print and online reference and non-fiction products for grades pre-kindergarten to 12 in the United States. This segment is comprised of one operating segment.

•Entertainment includes the development, production, distribution and licensing of children and family film and television content. This segment is comprised of one operating segment.

•International includes the publication and distribution of products and services outside the United States by the Company’s international operations and its export and foreign rights businesses. This segment is comprised of four operating segments.

The Company's chief operating decision maker ("CODM") is the President and Chief Executive Officer. The CODM uses operating income (loss) as the profit measure to evaluate segment performance and allocate resources to the segments. The CODM considers variances of actual performance to forecasts and prior year when making decisions.

The following tables present the Company’s revenue, significant expenses, and operating income (loss) by segment for the periods indicated:

Three months ended November 30, 2025
		Children's Book Publishing and Distribution		Education Solutions		Entertainment		International		Overhead (1)		Consolidated
Revenues	$	380.9	$	62.2	$	15.1	$	89.5	$	3.4	$	551.1
Cost of goods sold (2)		146.5		23.8		8.8		47.9		(1.4)		225.6
Selling, general and administrative expenses (2)(3)		120.2		36.7		6.9		27.8		25.9		217.5
Depreciation and amortization		5.4		3.0		3.2		1.4		3.5		16.5
Other segment items (4)		—		3.4		5.2		—		—		8.6
Operating income (loss)	$	108.8	$	(4.7)	$	(9.0)	$	12.4	$	(24.6)	$	82.9
Interest income (expense), net												(5.0)
Other components of net periodic benefit (cost)												(0.4)
Other non-operating income (expense)												(1.6)
Earnings (loss) before income taxes											$	75.9
Other segment disclosures:
Segment assets (5)	$	666.6	$	210.7	$	243.1	$	261.8	$	612.2	$	1,994.4
Long-lived asset additions		1.0		—		0.1		1.3		4.4		6.8
(1) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets and rental income related to leased space in the Company's headquarters. (2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (3) Selling, general and administrative expenses includes equity in the net income (loss) of investees accounted for by the equity method. Income of less than $0.1 and $0.4 was recognized within the Entertainment and International segments, respectively. (4) Other segment items include asset impairments and write downs. (5) Segment assets within Overhead include assets held for sale. Refer to Note 4, "Assets and Liabilities Held for Sale," for further details.
Three months ended November 30, 2024
		Children's Book Publishing and Distribution		Education Solutions		Entertainment		International		Overhead (1)		Consolidated
Revenues	$	367.0	$	71.2	$	16.8	$	86.7	$	2.9	$	544.6
Cost of goods sold (2)		143.3		27.3		10.6		48.9		(1.5)		228.6
Selling, general and administrative expenses (2)(3)		115.9		41.7		8.1		30.6		28.6		224.9
Depreciation and amortization		5.7		2.7		2.8		1.5		3.6		16.3
Other segment items (4)		—		—		—		—		0.1		0.1
Operating income (Loss)	$	102.1	$	(0.5)	$	(4.7)	$	5.7	$	(27.9)	$	74.7
Interest income (expense), net												(4.4)
Other components of net periodic benefit (cost)												(0.3)
Earnings (loss) before income taxes											$	70.0
Other segment disclosures:
Segment assets	$	658.6	$	211.0	$	263.0	$	253.8	$	650.4	$	2,036.8
Long-lived asset additions		2.8		—		0.1		0.8		1.8		5.5
(1) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets and rental income related to leased space in the Company's headquarters. (2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (3) Selling, general and administrative expenses includes equity in the net income (loss) of investees accounted for by the equity method. Income of less than $0.1 and $0.6 was recognized in the Entertainment and International segments, respectively. (4) Other segment items include asset impairments and write downs.

Six months ended November 30, 2025
		Children's Book Publishing and Distribution		Education Solutions		Entertainment		International		Overhead (1)		Consolidated
Revenues	$	490.3	$	102.3	$	28.7	$	148.9	$	6.5	$	776.7
Cost of goods sold (2)		208.7		43.1		16.9		83.3		(2.9)		349.1
Selling, general and administrative expenses (2)(3)		196.3		76.0		13.3		54.6		54.5		394.7
Depreciation and amortization		10.8		5.7		6.3		2.8		7.2		32.8
Other segment items (4)		0.8		3.4		5.2		—		—		9.4
Operating income (loss)	$	73.7	$	(25.9)	$	(13.0)	$	8.2	$	(52.3)	$	(9.3)
Interest income (expense), net												(9.5)
Other components of net periodic benefit (cost)												(0.7)
Other non-operating income (expense)												(1.6)
Earnings (loss) before income taxes											$	(21.1)
Other segment disclosures:
Segment assets (5)	$	666.6	$	210.7	$	243.1	$	261.8	$	612.2	$	1,994.4
Long-lived asset additions		2.2		0.1		0.1		4.7		7.1		14.2
(1) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets and rental income related to leased space in the Company's headquarters. (2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (3) Selling, general and administrative expenses includes equity in the net income (loss) of investees accounted for by the equity method. A loss of less than $0.1 and income of $0.3, was recognized within the Entertainment and International segments, respectively. (4) Other segment items include asset impairments and write downs. (5) Segment assets within Overhead include assets held for sale. Refer to Note 4, "Assets and Liabilities Held for Sale," for further details.
Six months ended November 30, 2024
		Children's Book Publishing and Distribution		Education Solutions		Entertainment		International		Overhead (1)		Consolidated
Revenues	$	472.4	$	126.9	$	33.4	$	143.5	$	5.6	$	781.8
Cost of goods sold (2)		202.2		54.7		18.9		84.2		(3.1)		356.9
Selling, general and administrative expenses (2)(3)		193.4		84.4		14.6		58.9		55.7		407.0
Depreciation and amortization		11.3		5.3		5.1		3.0		6.9		31.6
Other segment items (4)		—		—		—		—		0.1		0.1
Operating income (Loss)	$	65.5	$	(17.5)	$	(5.2)	$	(2.6)	$	(54.0)	$	(13.8)
Interest income (expense), net												(7.4)
Other components of net periodic benefit (cost)												(0.6)
Earnings (loss) before income taxes											$	(21.8)
Other segment disclosures:
Segment assets	$	658.6	$	211.0	$	263.0	$	253.8	$	650.4	$	2,036.8
Long-lived asset additions		11.2		—		0.1		3.0		5.8		20.1
(1) Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets and rental income related to leased space in the Company's headquarters. (2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (3) Selling, general and administrative expenses includes equity in the net income (loss) of investees accounted for by the equity method. Income of $0.2 and $0.6 was recognized in the Entertainment and International segments, respectively. (4) Other segment items include asset impairments and write downs.

The following table presents geographic information for revenues for the periods indicated. Revenues are attributed to locations based on the origin of sale.

	Three months ended November 30,				Six months ended November 30,
		2025		2024		2025		2024
United States	$	440.6	$	430.6	$	582.3	$	580.3
International		110.5		114.0		194.4		201.5
Total Revenues	$	551.1	$	544.6	$	776.7	$	781.8

The following table presents geographic information for long-lived assets as of the dates indicated. Long-lived assets consist of property, plant and equipment, net, excluding capitalized software.

	November 30, 2025		November 30, 2024
United States (1)	$	89.7	$	438.9
International		34.6		32.9
Total Long-lived assets	$	124.3	$	471.8
(1) Long-lived assets excludes assets held for sale. Refer to Note 4, "Assets and Liabilities Held for Sale," for further details.